Desmond sells 25.6m Barlo shares

Shares in MBO target Barlo increased by more than 20% on the ISEQ today after Dermot Desmond's finance vehicle IIU Nominees sold more than 25.6m shares in the plastics and radiator company today for around €12.3m.

The shares were sold for 48 cent each, eight cent above the MBO offer made by a team led by chief executive Tony Mullins. Mr Desmond had been building his stake to 19% from a level below 5% since the MBO offer emerged last month. His stake is now 4.55% following todays sell off.

It is not yet known who purchased the shares. Barlo is now trading up 5c at €0.44 from an earlier session high of €0.48.